Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1887-07-31
a rhtladeIpE:n BnmN rnils.
uv telegraph 10 the Dispstch.l


PHILADELPHIA. July 30. The Colum-
bian Bank, a State institution, closed
It's doors this morning, and the door
a notice is posted stating that by order
e tie BOARD Of DircctO the bank
would make en- assigrmcn;iOr the Ocne-
tit 81 it. creditors. At noon another
notice was issued saying that the as
sionment had been made to >. Edwin
Megarece ana +. ,. Herman, two attor-
news. Al efforts to obtain any state
ntut as TO the amount OF liabilities or
assets proved futile, both bank officials
anG assicnccs declaring they bad not
time to inquire into tie condition OF
aGairs as yet 1t is believed, however,
That The failure is a complete one.
President bell, of the Farmers aud
Mechanics Bank, with whom the Co.
mml inn has kept an accOant for seye-
raj Years. stated that the checks of the
latter were GiShOnOIcG because they
tad 30 money - their credit, and, FUR
ticmore, had no securities on deposit,
rs Was claimed by the ColumbiAn's OIL
ceIs. Mr.. Eel said that the securities
Yeiencd 10 consisted OF checks and
crafts on M outside bank, and that the
Farmers and Mechanics would not nc.
cen: them except for collection, and ii
ihtv proved good the money would be
mid. hut nothing would he advanced.
4 is understood IRON reliable sources
TINT the chief causes Of the failure We're
lcayy advances made on drafts OF the
iyts.Stayncrpany, OF New York, and lad
yancos made on consignnents OF mer-
cAandise shipped from South America
and other points which were not taken
ND lv the cOnsignees, thus leaving the
hank in a crippled condition. 1t IS
doubtful il anything definite can be
learned before thorough examination
Las been made, end this Will consum.
considerable time. The failure caused
some excitement in the city, although
among financial men 1t was not much
Of . surprise. Ives, OF the lves-Stayner
,pertv. has been very large customer
of tie bank, single item Of his business
recently reaching the sum of SjJO,0jJ.
!, is positively stated by the bank Oil
cials that Ives is not IN Philadelphia
10 dey. They assert that hewent West
last night, and say that if he had been
IN the city he would certainly have
rc,n ut the bank. They decline TO
state whether or DOT he is at present in
deL;ed TO the institution to any great
extent. The assignment was decided
rron II Is said, ia order that
tic collateral in which the banks
funds are locked up might be
iudiciously realized upon, and some
think that, with proper handling OF
tbe assets, they can DC mnde TO meet ell
liabilities i'll the fall The capital
stock OF the bauk is soc, 900. Accord
inc TO their lest statement they had
on deposit 500, 900 and owed to other
banks S150,000 There are other LA
bihties amounting probably to $3.50,
coo, making their total liabilities $3.50,
coo. The bank had branch at Ger
mantown, the business of which con
sisted mostly OF small deposits
made 10y the working class, and
this was also closed this morn.
ing. The assistant cashier III charge
OF the Germantown bank assured
the depositors tina. they would be paid
in full. The Columbian were agents OF
the American Exchange in Loadon
and ibe American Exchange in Paris.
A gentleman who is in position to
know said TO a reporter this afternoon
"Ihe status OF the affair is just this
When the negotiations for the purchas,
Of The Baltimore and Ohio stock fro,n
Robert Garrett were in progress lves
deposited : conki9esahie nip6ant q